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Dear Valued BASIC Client,
The Coronavirus Aid, Relief, and Economic Security Act (CARES
Act) was signed into law on Friday. This CARES Act contains an important
provision that will affect HSAs, HRAs, and FSAs.
Effective Immediately:
- FSAs, HRAs, and HSAs can now reimburse or pay for
over-the-counter drugs and medicines without a note of medical
necessity or prescription from a physician.
- Menstrual care products are now considered a
qualified medical expense and are eligible for reimbursement or payment
through an FSA, HRA, or HSA. Any expense incurred after 12/31/2019 will
qualify.
- A high-deductible health plan (HDHP) with a health
savings account (HSA) will be allowed to cover telehealth services prior
to an individual reaching the deductible, for plan years beginning on or
before December 31, 2021. This allows HDHP participants to receive first
dollar coverage for telehealth and other remote care services without
disqualifying them from being eligible to contribute to a health savings
account (HSA).
We are currently working on updating our health care plan
eligible expense lists, as appropriate, and developing further guidance to
help address these changes. We will offer additional communications in the
next two weeks.
Sincerely,
Your BASIC Team
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